Kvartalsrapport Q2 2025

===== SIDA 1 =====

INTERIM REPORT 
APRIL - JUNE 2025 
 
Humble Group AB Interim Report April - June 2025    
Stockholm, July 18, 2025 
 
 
STRONG ORGANIC GROWTH AND IMPROVED CASH 
FLOW
FINANCIAL INFORMATION 
SECOND QUARTER  
• Net sales amounted to MSEK 1,983 (1,842), an increase with 
8% compared to the corresponding period last year. The 
organic growth for the period was 12% and the currency 
impact was -4%. 
• EBITA amounted to MSEK 120 (139). 
• Adjusted EBITA amounted to MSEK 144 (141), an 
increase with 3% compared to the corresponding 
period last year. 
• EBIT amounted to MSEK 71 (90). 
• Cash flow from operating activities amounted to MSEK 
44 (-49).  
• Profit and loss after tax amounted to MSEK 5 (32). 
• Earnings per share before and after dilution amounted 
to SEK 0.01 (0.07). 
SIX MONTHS  
• Net sales amounted to MSEK 3,886 (3,668), an increase with 
6% compared to the corresponding period last year. The 
organic growth for the period was 8% and the currency 
impact was -2%. 
• EBITA amounted to MSEK 235 (272). 
• Adjusted EBITA amounted to MSEK 277 (268), an 
increase with 3% compared to the corresponding 
period last year. 
• EBIT amounted to MSEK 141 (176). 
• Cash flow from operating activities amounted to MSEK 
114 (11). Cash flow includes repayment of tax deferrals 
of MSEK -45. 
• Profit and loss after tax amounted to MSEK 17 (55). 
• Earnings per share before and after dilution amounted 
to SEK 0.04 (0.12). 
SIGNIFICANT EVENTS
DURING THE QUARTER 
• Humble held the Annual General Meeting on May 21st, 
2025. The AGM re-elected the six board members, 
and Dajana Mirborn was re-elected as Chairman of 
the Board. 
• No other significant event has occurred during the 
quarter.  
AFTER THE QUARTER 
• In July, Humble increased its existing credit facilities 
with MSEK 300 and extended the maturity date for 
the credit facilities to 2027. 
• No other significant event has occurred after the 
quarter. 
FINANCIAL OVERVIEW
 
MSEK
Apr-Jun 
2025
Apr-Jun 
2024
Jan-Jun 
2025
Jan-Jun 
2024
Jul 2024 - 
Jun 2025
Jan-Dec 
2024
Net sales 1,983 1,842 8% 3,886 3,668 6% 7,926 7,708
Gross profit 629 586 7% 1,245 1,152 8% 2,512 2,419
Gross margin 31.7% 31.8% -0.1pp 32.0% 31.4% 0.6pp 31.7% 31.4%
EBITA 120 139 -14% 235 272 -14% 533 570
Adjusted EBITA 144 141 3% 277 268 3% 586 578
EBIT 71 90 -20% 141 176 -20% 342 376
Adjusted EBIT 96 91 5% 183 172 7% 395 384
EBIT margin 3.6% 4.9% -1.3pp 3.6% 4.8% -1.2pp 4.3% 4.9%
Adjusted EBIT margin 4.8% 4.9% -0.1pp 4.7% 4.7% 0.0pp 5.0% 5.0%
Leverage to NIBD incl contingent consideration 2.8x 3.1x -0.3x 2.8x 3.1x -0.3x 2.8x 2.8x
Cash flow from operating activities after net 
working capital*
44 -49 191% 114 11 894% 403 300
Earnings per share before and after dilution, SEK 0.01 0.07 -84% 0.04 0.12 -70% 0.19 0.28
Adjusted earnings per share, SEK 0.07 0.07 -13% 0.13 0.11 14% 0.31 0.30
See section at the end of the report for definitions and reconciliations of alternative performance measures.
*Cash flow Jan-Jun 2025 includes repaid tax deferrals of M SEK -45.

===== SIDA 2 =====

| COMMENTS FROM THE CEO 
 
2 
Humble Group AB Interim Report April - June 2025 
COMMENTS FROM THE CEO 
The second quarter's organic growth amounted to 12 
percent driven by high growth in Future Snacking and 
Nordic Distribution, which to some extent had a positive 
effect from the late Easter. Altogether, the net sales 
increased by 8 percent to MSEK 1,983 (1,842), with a 
negative currency effect of 4 percent. We have 
continued to increase sales and marketing investments 
for international expansion, which resulted in strong 
development for the other Nordic markets and the US, 
both of which grew by 41 percent. The operating margin 
was negatively affected by the challenging market 
situation in the UK, where we expect, and are working 
diligently towards, a gradual recovery in the operations 
that were affected during the second half of the year. 
FINANCIAL PERFORMANCE 
Adjusted EBITA amounted to MSEK 144 (141) where sales and 
marketing investments amounted to MSEK -108 (-96). These 
investments in fast-growing brands and products are a central 
part of our long-term strategy for international expansion. At the 
same time, we intend to review our cost base and place a higher 
focus on driving profitability growth going forward. 
Gross profit amounted to MSEK 629 (586) and gross margin 
amounted to 31.7 percent (31.8). Gross margin development was 
generally good, while we had a negative effect from the sales mix 
related to the late Easter sales of pick and mix confectionary in 
our Swedish wholesale operations, which have a generally lower 
gross margin. The Group's underlying gross profit remains stable 
and our focus on achieving gross margin expansion with good 
control over fixed costs remains. 
Cash flow from operations after change in net working capital 
amounted to MSEK 44 (-49), which is a positive development 
compared to the corresponding period last year. The priority to 
strengthen working capital efficiency remains, primarily by 
reducing inventory levels relative to net sales, which are 
somewhat high as a result of organic growth and our scale-up 
initiatives. In addition, longer lead times in the value chain and 
some raw material shortages have led to increased inventory 
levels. 
After the end of the quarter, we have both extended and 
refinanced our existing debt structure at more favourable terms. 
The new financing means reduced interest costs and access to an 
additional MSEK 300 in credit facilities, which gives us increased 
financial flexibility going forward. 
THE DEVELOPMENT OF OUR FOUR SEGMENTS 
We see that sales- and marketing investments in selected 
businesses with great development potential continue to yield 
results. It is particularly pleasing that Pändy and True Co. continue 
to advance their positions, where both show high growth with 
maintained profitability. 
Further examples where the investments show results are in our 
Swedish confectionery manufacturers in Arena Confectionery, 
which reports high double-digit growth and significantly increased 
profitability. Capacity utilization is high and the plants' order 
books are more than fully subscribed for the rest of the year. We 
assess the high demand as structural and plan for further 
investments to be able to meet rising demand in the coming 
years. 
In Quality Nutrition, we have returned to growth during the 
quarter from the weaker development of recent quarters. The 
investments we have made in recent years, both in the form of 
expanded machinery and increased overhead costs, are expected 
to have a gradually greater effect during the second half of the 
year. Supply and pricing of whey protein and cocoa have 
negatively affected margin development. With increased volumes 
and a higher degree of capacity utilization, we are strengthening 
our position as a raw material buyer, which enables the position 
for improved terms and conditions. 
Nordic Distribution showed continued strength with higher 
growth compared to the market and the effect of previous 
consolidation is reflected in the improved profitability. With 
several strategic contracts won during the year, we also note that 
the trade welcomes a new major distribution and wholesale 
partner in Sweden. 
For Sustainable Care, the UK-based operations have had a 
challenging first half of the year for several market-specific 
reasons, with changed labour law legislation and the 
implementation of the EPR tax, which negatively affected 
operating profit. Furthermore, some store chains were affected by 
a cyber incident, which resulted in a halt in order flows and lower 
delivery volumes during the beginning of the second quarter. Our 
assessment is that the segment's negative earnings trend for the 
quarter is temporary, and we have initiated several strategic 
measures to ensure a gradual recovery. 
OUTLOOK 
We have pent-up market demand in both confectionery and 
sports nutrition and believe that demand for production capacity 
will remain high in the coming years. 
With a clear strategy for our brands, production and distribution, 
we see opportunities to continue to grow the group profitably. 
Our focus, in addition to increased operating margins, is to 
strengthen cash flow and reduce debt to open for future strategic 
acquisitions and further growth initiatives with an improved 
financial position. With a first half of the year behind us, where we 
achieved several strategic milestones and delivered organic 
growth of 7.7 percent, we look forward to continuing develop 
Humble Group. 
 
Simon Petrén  
CEO Humble Group 
Stockholm, July 18th, 2025

===== SIDA 3 =====

| FINANCIAL DEVELOPMENT 
 
Humble Group AB Interim Report April - June 2025  3 
HUMBLE GROUP’S FINANCIAL DEVELOPMENT 
SECOND QUARTER 
REVENUES 
Net sales 
Net sales for the quarter amounted to MSEK 1,983 (1,842), an 
increase of 8% compared to the corresponding period last year. 
The change is attributable to organic growth of 12% and currency 
impact of -4%.  
Gross margin 
The gross profit amount to MSEK 629 (586), resulting in a gross 
margin of 31.7%, a decrease of 0.1 percentage points compared to 
the corresponding period last year. 
EXPENSES 
Other external expenses 
Other external expenses for the quarter amounted to MSEK -256 
(-225), which corresponded to 13% (12) of net sales. Sales and 
marketing expenses amount to MSEK –108  
(-96), which correspond to an increase of MSEK -12 and 12%.  
Personnel expenses 
Personnel expenses for the quarter amounted to  
MSEK -221 (-211), which corresponded to 11% (11) of net sales. 
Personnel expenses were negatively impacted by consideration 
linked to employment (stay-on-bonus and lock-in penalties) of 
MSEK -3 (-6), see table Items affecting comparability at end of 
report. 
Depreciation and amortization 
Total depreciation and amortization for the quarter amounted to 
MSEK -82 (-77), which corresponded to a change of 8% compared 
with the corresponding period last year. Depreciation of right-of-
use assets amounted to MSEK -25 (-20) for the quarter. 
Amortization of assets related to acquisitions, of which a vast 
majority related to customer relations, amounted to MSEK -35 (-
39). 
Financial expenses  
Financial expenses for the period amounted to MSEK -51  
(-61). Interest expense related to unwinding of discounting effect 
of contingent considerations and other liabilities presented at fair 
value amounted to MSEK -2 (-7). Such interest expense has no 
cash effect in the quarterly result. For more details of the financial 
expenses, please refer to Note 10 Financial expenses. 
RESULTS 
EBITA 
EBITA for the quarter amounted to MSEK 120 (139), a change of 
MSEK -19 compared with the corresponding period last year. 
Adjusted EBITA amounted to MSEK 144 (141), which 
corresponded to a change of MSEK 4, an 3% increase for the 
period. For more details on adjusted items, please see table Items 
affecting comparability at end of report. 
EBIT 
EBIT for the quarter amounted to MSEK 71 (90), which 
corresponded to a change of MSEK -18 compared with the 
corresponding period last year. Adjusted EBIT amounted to MSEK 
96 (91), which corresponded to a change of MSEK 5, an increase of 
5% for the period.  
Earnings per share 
Earnings per share amounted to SEK 0.01 (0.07). Adjusted for 
items affecting comparability, earnings per share amounted to SEK 
0.07 (0.07). For more details on adjusted items, please see table 
Items affecting comparability at end of report. 
Other comprehensive income 
The positive exchange difference in translation of foreign 
operations for the quarter is attributable to the weakening of the 
Swedish krona against other currencies during the quarter, with 
main effect from EUR and DKK. 
FINANCIAL POSITION AND CASH FLOW 
Cash flow  
Cash flow from operating activities amounted to MSEK 44 
(-49). Cash flow from operations was negatively impacted with 
MSEK -12 due to a regulatory change in UK regarding corporate 
tax payment where our subsidiaries now pay taxes in advance 
rather than in arrears. Change in net working capital, mainly 
changes in short term receivables of MSEK -72 (-68) had further 
negative impact on the cash flow. Cash flow from financing 
activities amounted to MSEK -5 (128). The Group’s net change in 
long-term loans increased with MSEK 56 during the second 
quarter. 
Financial position 
Interest-bearing liabilities amount to MSEK 1,681 compared with 
MSEK 1,624 at end of same quarter last year. Net debt including 
contingent consideration/Adjusted EBITDA was 2.8x compared 
with 2.8x on December 31, 2024.

===== SIDA 4 =====

| FINANCIAL DEVELOPMENT 
 
Humble Group AB Interim Report April - June 2025  4 
SIX MONTHS 
REVENUES 
Net sales 
Net sales for the period amounted to MSEK 3,886 (3,668), an 
increase of 6% compared to the corresponding period last year. 
The change is attributable to organic growth of 8% and currency 
impact of -2%.  
Gross margin 
The gross profit amount to MSEK 1,245 (1,152), resulting in a gross 
margin of 32.0%, an increase of 0.6 percentage points compared 
to the corresponding period last year. 
EXPENSES 
Other external expenses 
Other external expenses for the period amounted to MSEK -506 (-
466), which corresponded to 13% (13) of net sales. Sales and 
marketing expenses amount to MSEK –225  
(-195), which correspond to an increase of MSEK -30 and 16%.  
Personnel expenses 
Personnel expenses for the period amounted to  
MSEK -431 (-409), which corresponded to 11% (11) of net sales. 
Personnel expenses were negatively impacted by consideration 
linked to employment (stay-on-bonus and lock-in penalties) of 
MSEK -6 (-14), see table Items affecting comparability at end of 
report. 
Depreciation and amortization 
Total depreciation and amortization for the period amounted to 
MSEK -163 (-148), which corresponded to a change of 20% 
compared with the corresponding period last year. Depreciation 
of right-of-use assets amounted to MSEK -49 (-37) for the period. 
Amortization of assets related to acquisitions, of which a vast 
majority related to customer relations, amounted to MSEK -66 (-
75). 
Financial expenses  
Financial expenses for the period amounted to MSEK -103  
(-123). Interest expense related to unwinding of discounting effect 
of contingent considerations and other liabilities presented at fair 
value amounted to MSEK -6  
(-26). Such interest expense has no cash effect in the quarterly 
result. For more details of the financial expenses, please refer to 
Note 10 Financial expenses. 
RESULTS 
EBITA 
EBITA for the period amounted to MSEK 235 (272), a change of 
MSEK -37 compared with the corresponding period last year. 
Adjusted EBITA amounted to MSEK 277 (268), which 
corresponded to a change of MSEK 8, an 3% increase for the 
period. For more details on adjusted items, please see table Items 
affecting comparability at end of report. 
EBIT 
EBIT for the period amounted to MSEK 141 (176), which 
corresponded to a change of MSEK -34 compared with the 
corresponding period last year. Adjusted EBIT amounted to MSEK 
183 (172), which corresponded to a change of MSEK 12, an 
increase of 7% for the period.  
Earnings per share 
Earnings per share amounted to SEK 0.04 (0.12). Adjusted for 
items affecting comparability, earnings per share amounted to SEK 
0.13 (0.11). For more details on adjusted items, please see table 
Items affecting comparability at end of report. 
Other comprehensive income 
The negative exchange difference in translation of foreign 
operations for the period is attributable to the strengthening of 
the Swedish krona against other currencies, with main effect from 
GBP and EUR. 
FINANCIAL POSITION AND CASH FLOW 
Cash flow  
Cash flow from operating activities amounted to MSEK 114 
(11). Cash flow from operations was negatively impacted with 
MSEK -18 due to a regulatory change in UK regarding corporate 
tax payment where our subsidiaries now pay taxes in advance 
rather than in arrears. Change in net working capital, mainly 
changes in inventory of MSEK -73 (-199), and short-term liabilities 
of MSEK -40 (4), whereof MSEK -45 relates to repayment of tax 
deferrals, had further negative impact on the cash flow. Adjusted 
for repayment of tax deferral, the cash flow from operating 
activities amounted to MSEK 159 (11). Cash flow from financing 
activities amounted to MSEK -212 (29). The Group’s net change in 
long-term loans decreased with MSEK -91 during the period. 
Financial position 
Interest-bearing liabilities amount to MSEK 1,681 compared with 
MSEK 1,766 at the beginning of the period. Net debt including 
contingent consideration/Adjusted EBITDA was 2.8x compared 
with 2.8x on December 31, 2024.

===== SIDA 5 =====

| SEGMENT INFORMATION  
 
Humble Group AB Interim Report April - June 2025  5 
SEGMENT REPORTING 
FUTURE SNACKING 
SEGMENT IN SHORT  
Future Snacking offers healthier options in candy, snacks, and 
various food products. By combining innovation, quality, and 
taste, Humble aims to remain a leading provider of better 
alternatives within confectionary and snack segments. Apart from 
brands, the segment includes the confectionary production unit, 
Arena Confectionary.  
DEVELOPMENT DURING THE QUARTER 
Net sales for the quarter increased by 22%, reaching MSEK 306 
(250). This strong performance was primarily driven by a record-
breaking quarter for Arena Confectionary and sustained double-
digit growth from both Pändy and     True Co. A favourable 
product mix across the segment contributed to a gross margin of 
47.6% (45.7), resulting in a notable margin expansion. Meanwhile, 
continued initiatives to streamline the operational cost base 
across subsidiaries had a positive impact on profitability. Adjusted 
EBITA amounted to MSEK 40 (20), corresponding to an adjusted 
EBITA margin of 13.0% (8.1). Companies included in the segment 
can be found on the Group’s website and for a complete list of the 
Group's legal entities, see the Annual Report 2024. 
 
SUSTAINABLE CARE 
SEGMENT IN SHORT  
Sustainable Care offers innovative products in the personal care 
and household categories. The segment includes companies 
operating across the entire value chain - production, branding and 
distribution. Solent is the largest subsidiary in the segment, a UK-
based retail partner with an international footprint. 
DEVELOPMENT DURING THE QUARTER  
Net sales decreased by -10% and amounted to MSEK 502 (555) for 
the quarter. The quarter was negatively impacted by challenging 
UK markets, primarily affecting Solent. Amber House delivers high 
double-digit growth driven by the licenses business. The decrease 
in sales dampened the gross profit and the overall profitability, 
but solid cost control resulted in an adjusted EBITA of MSEK 57 
(80), corresponding to an adjusted EBITA margin of 11.4% (14.3). 
Companies included in the segment can be found on the Group’s 
website and for a complete list of the Group's legal entities, see 
the Annual Report 2024. 
 
 
FUTURE SNACKING, MSEK
Apr-Jun 
2025
Apr-Jun 
2024
Jan-Jun 
2025
Jan-Jun 
2024
Gross sales 333 278 644 541
Intra-group sales -28 -29 -57 -55
Net sales 306 250 587 486
Gross profit 145 114 289 218
Gross margin 47.6% 45.7% 49.2% 44.8%
EBITA 38 27 63 62
Adjusted EBITA 40 20 72 41
Adjusted EBITA margin 13.0% 8.1% 12.3% 8.4%
EBIT 27 15 44 40
Adjusted EBIT 30 8 54 20
Adjusted EBIT margin 9.7% 3.3% 9.1% 4.0%
See section at the end of the report for definitions and reconciliations of alternative performance measures.
SUSTAINABLE CARE, MSEK
Apr-Jun 
2025
Apr-Jun 
2024
Jan-Jun 
2025
Jan-Jun 
2024
Gross sales 508 558 1,056 1,089
Intra-group sales -6 -3 -11 -12
Net sales 502 555 1,045 1,077
Gross profit 187 211 401 397
Gross margin 37.2% 38.1% 38.3% 36.9%
EBITA 41 69 105 130
Adjusted EBITA 57 80 125 137
Adjusted EBITA margin 11.4% 14.3% 12.0% 12.7%
EBIT 16 44 55 80
Adjusted EBIT 33 54 75 87
Adjusted EBIT margin 6.5% 9.8% 7.2% 8.0%
See section at the end of the report for definitions and reconciliations of alternative performance measures.

===== SIDA 6 =====

| SEGMENT INFORMATION  
 
Humble Group AB Interim Report April - June 2025  6 
QUALITY NUTRITION 
SEGMENT IN SHORT  
Quality Nutrition combines contract manufacturing and strong 
brands within the categories of sports nutrition, bars, dietary 
supplements, and functional beverages. Humble offers a wide 
range of products tailored to a growing and increasingly health-
conscious consumer group. 
DEVELOPMENT DURING THE QUARTER  
Net sales increased by 5% and amounted to MSEK 390 (371) for 
the quarter. Positive momentum returned in the second quarter, 
primarily driven by strong performance in the Australian market. A 
noticeable increase in demand contributes to a more optimistic 
outlook for the segment for the remainder of the year. However, 
the gross margin declined to 25.5% (31.0), mainly due to volatility 
in raw material prices. Despite a lower gross profit for the quarter, 
good cost control resulted in a stable profitability in line with last 
year. Adjusted EBITA amounted to MSEK 20 (20), corresponding to 
an adjusted EBITA margin of 5.2% (5.5). Companies included in the 
segment can be found on the Group’s website and for a complete 
list of the Group's legal entities, see the Annual Report 2024. 
 
 
NORDIC DISTRIBUTION 
SEGMENT IN SHORT  
Nordic Distribution comprises wholesale and distribution 
operations across the Nordic region, with a strong presence 
primarily in Sweden. The segment serves as a growth platform for 
both the Group’s own brands and external customers. In addition 
to the Swedish operations, it includes local distributors in other 
Nordic countries -particularly in Norway - focused on sports 
nutrition, dietary supplements, and functional foods. 
DEVELOPMENT DURING THE QUARTER  
Net sales increased by 18% and amounted to MSEK 785 (667) for 
the quarter. Continued strong growth across the Swedish 
wholesalers, positively impacted by easter in April. Softer growth 
in Norway due to phasing of sales and timing of product launches. 
Overall, the segment noted a strong gross profit increase due to 
favorable product mix during the quarter. Solid operational cost 
control resulted in improved profitability. Adjusted EBITA 
amounted to MSEK 24 (18), corresponding to an adjusted EBITA 
margin of 3.0% (2.8). Companies included in the segment can be 
found on the Group’s website and for a complete list of the 
Group's legal entities, see the Annual Report 2024. 
 
 
 
QUALITY NUTRITION, MSEK
Apr-Jun 
2025
Apr-Jun 
2024
Jan-Jun 
2025
Jan-Jun 
2024
Gross sales 406 391 780 792
Intra-group sales -15 -20 -28 -32
Net sales 390 371 752 759
Gross profit 99 115 224 237
Gross margin 25.5% 31.0% 29.9% 31.2%
EBITA 17 33 37 61
Adjusted EBITA 20 20 46 53
Adjusted EBITA margin 5.2% 5.5% 6.1% 7.0%
EBIT 10 26 23 47
Adjusted EBIT 13 14 32 40
Adjusted EBIT margin 3.4% 3.7% 4.2% 5.2%
See section at the end of the report for definitions and reconciliations of alternative performance measures.
NORDIC DISTRIBUTION, MSEK
Apr-Jun 
2025
Apr-Jun 
2024
Jan-Jun 
2025
Jan-Jun 
2024
Gross sales 789 701 1,509 1,388
Intra-group sales -4 -34 -6 -43
Net sales 785 667 1,503 1,346
Gross profit 198 146 331 300
Gross margin 25.2% 21.8% 22.0% 22.3%
EBITA 24 15 51 39
Adjusted EBITA 24 18 51 46
Adjusted EBITA margin 3.0% 2.8% 3.4% 3.4%
EBIT 18 10 42 28
Adjusted EBIT 17 13 41 34
Adjusted EBIT margin 2.2% 1.9% 2.7% 2.6%
See section at the end of the report for definitions and reconciliations of alternative performance measures.

===== SIDA 7 =====

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report April - June 2025  7 
CONSOLIDATED INCOME STATEMENT AND STATEMENT 
OF COMPREHENSIVE INCOME 
 
 
CONSOLIDATED INCOME STATEMENT, MSEK Note
Apr-Jun 
2025
Apr-Jun 
2024
Jan-Jun 
2025
Jan-Jun 
2024
Jul 2024 - 
Jun 2025
Jan-Dec 
2024
Net sales* 7 1,983 1,842 3,886 3,668 7,926 7,708
Capitalized work on own account 2 2 3 3 7 7
Other operating income 21 35 27 80 87 140
Raw materials and consumables* -1,353 -1,256 -2,642 -2,516 -5,415 -5,289
Other external expenses -256 -225 -506 -466 -1,030 -990
Personnel expenses -221 -211 -431 -409 -856 -834
Other operating expenses -22 -21 -33 -36 -51 -54
EBITDA 154 166 304 323 669 688
Depreciation of tangible assets -9 -7 -20 -14 -45 -39
Depreciation of right-of-use assets -25 -20 -49 -37 -91 -79
EBITA 120 139 235 272 533 570
Amortization and impairment of intangible assets -14 -11 -28 -22 -51 -45
Amortization and impairment of assets related to acquisitions -35 -39 -66 -75 -140 -149
EBIT 71 90 141 176 342 376
Profit from shares in associated companies and joint ventures 2 0 1 0 1 0
Financial income 2 9 4 18 -1 13
Financial expenses 10 -51 -61 -103 -123 -208 -228
PROFIT AND LOSS AFTER  FINANCIAL ITEMS 23 38 43 70 134 161
Income tax -18 -7 -26 -15 -48 -37
PROFIT AND LOSS AFTER TAX 5 32 17 55 86 124
Profit and loss is attributable to:
Owners of the Parent Company 5 32 17 55 86 124
Non-controlling interest 0 0 0 0 0 0
5 32 17 55 86 124
Earnings per share before dilution 0.01 0.07 0.04 0.12 0.19 0.28
Earnings per share after dilution 0.01 0.07 0.04 0.12 0.19 0.28
STATEMENT OF COMPREHENSIVE INCOME, MSEK
Apr-Jun 
2025
Apr-Jun 
2024
Jan-Jun 
2025
Jan-Jun 
2024
Jul 2024 - 
Jun 2025
Jan-Dec 
2024
PROFIT AND LOSS AFTER TAX 5 32 17 55 86 124
Items that may be reclassified to profit or loss:
Exchange differences in translation of foreign operations 31 -21 -206 131 -140 197
COMPREHENSIVE INCOME FOR PERIOD 36 10 -189 185 -54 321
The comprehensive income for the period is attributable to:
Owners of the Parent Company 36 11 -189 185 -54 321
Non-controlling interest 0 0 0 0 0 0
*Net sales and raw materials and consumables has been corrected with M SEK -1 9 respectivly M SEK 1 9 for the period Apr-Jun, and with M SEK -31  respectivly M SEK 31  for 
the period Jan-Jun 2024. See Inter-group transaction correction in Note 4 in Year-end report 2024.

===== SIDA 8 =====

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report April - June 2025  8 
CONSOLIDATED BALANCE SHEET - IN SUMMARY 
 
 
MSEK Note
30 Jun 
2025
30 Jun 
2024
31 Dec 
2024
ASSETS
Non-current assets
Intangible assets 5,788 6,043 6,035
Tangible assets 282 199 261
Financial assets 90 75 90
Right-of-use assets 425 368 419
Deferred tax assets 43 30 37
Total non-current assets 6,628 6,714 6,842
Current assets
Inventory 1,197 1,189 1,160
Accounts receivables 582 593 599
Other short-term receivables 318 266 312
Cash and cash equivalents 185 218 432
Total current assets 2,282 2,265 2,503
TOTAL ASSETS 8,910 8,979 9,345
EQUITY AND LIABILITIES
Equity
Attributable to Parent Company's shareholder 5,055 5,084 5,221
Non-controlling interest 0 0 0
Total shareholders' equity 5,055 5,084 5,221
Long-term liabilities
Interest-bearing liabilities 9 1,385 1,157 1,406
Contingent considerations 10 10 15 24
Long-term lease liabilities 360 322 357
Deferred tax liabilities 413 455 439
Provisions 2 16 0
Other long-term liabilities 141 14 193
Total long-term liabilities 2,311 1,978 2,419
Short-term liabilities
Interest-bearing liabilities 9 296 467 360
Contingent considerations 10 48 143 115
Current lease liabilities 100 75 95
Accounts payable 717 662 679
Other short-term liabilities 383 570 456
Total short-term liabilities 1,544 1,917 1,705
TOTAL EQUITY AND LIABILITIES 8,910 8,979 9,345

===== SIDA 9 =====

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report April - June 2025  9 
CONSOLIDATED STATEMENT OF CASH FLOW 
 
 
MSEK
Apr-Jun 
2025
Apr-Jun 
2024
Jan-Jun 
2025
Jan-Jun 
2024
Jul 2024 - 
Jun 2025
Jan-Dec 
2024
OPERATING ACTIVITIES
EBIT 71 90 141 176 342 376
Adjustment for non-cash items:
Depreciation and Amortization 82 77 163 148 327 312
Other items 7 -9 8 -21 -50 -79
Paid tax -32 -20 -50 -38 -89 -77
Cash flow from operating activities before change in net 
working capital
129 138 263 265 530 532
CHANGE IN WORKING CAPITAL
Change in inventories (increase - / decrease + ) -27 -129 -73 -199 -83 -210
Change in short term receivables (increase - / decrease + ) -72 -68 -36 -58 -55 -77
Change in short term liabilities (increase - / decrease + ) * 15 11 -40 4 11 55
Sum of change in working capital -85 -186 -149 -253 -127 -232
Cash flow from operating activities 44 -49 114 11 403 300
INVESTING ACTIVITIES
Acquisition of intangible assets -5 -2 -9 -8 -35 -34
Acquisition of tangible assets -33 -45 -47 -58 -109 -120
Disposal of financial assets 0 30 0 31 22 53
Disposal of subsidaries 0 0 0 6 106 112
Acquisition of subsidiaries, acquired business + paid earn-outs -69 -199 -69 -199 -179 -310
Cash flow from investing activities -106 -217 -124 -229 -195 -299
FINANCING ACTIVITIES
Costs related to share issues 0 -2 0 -4 -2 -6
Received interest on financing activities 0 0 1 0 9 8
Paid interest due to financing activities -28 -37 -58 -67 -134 -144
New loans 115 308 210 313 696 799
Repayment of loans -59 -127 -301 -178 -652 -529
Loan to joint ventures 0 0 0 0 -14 -14
Amortization of lease liability -32 -15 -65 -35 -126 -96
Cash flow from financing activities -5 128 -212 29 -223 18
Decrease/Increase in cash and cash equivalents -67 -138 -223 -188 -15 19
Cash and cash equivalents at beginning of period 254 356 432 401 432 401
Exchange rate differences -2 0 -24 5 -18 12
Cash and cash equivalents at end of period 185 218 185 218 400 432
* Include repayment on tax deferrals with M SEK -45 during Q1  2025.

===== SIDA 10 =====

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report April - June 2025  10 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY  
 
 
MSEK
Share 
capital
Other 
equity 
contributed
Translation 
reserve
Retained 
earnings Total
Non-
controlling 
interest
Total 
shareholders 
equity
Opening balance January 1, 2024 98 5,028 183 -439 4,869 4,869
Net income for period 55 55 0 55
Other comprehensive income 131 131 131
Total comprehensive income 131 55 185 185
Transaction with owners in their capacity as owners:
Share issue 1 29 29 29
Warrants program 0 0 0
Aquistion of non-controlling interest 0 0
Total transaction with owners in their capacity 
as owners
1 29 29 0 29
Ending balance June 30, 2024 98 5,057 313 -384 5,084 0 5,084
Opening balance January 1, 2025 98 5,058 380 -315 5,221 1 5,221
Net income for period 17 17 0 17
Other comprehensive income -206 -206 -206
Total comprehensive income -206 17 -189 0 -189
Transaction with owners in their capacity as owners:
Share issue 1 22 23 23
Warrants program 0 0 0
Total transaction with owners in their capacity 
as owners
1 22 23 23
Ending balance June 30, 2025 99 5,080 174 -298 5,055 0 5,055
Equity attributable to Parent Company's 
shareholder

===== SIDA 11 =====

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report April - June 2025  11 
CONDENSED PARENT COMPANY INCOME STATEMENT  
 
 
CONDENSED PARENT COMPANY BALANCE SHEET 
 
 
MSEK
Apr-Jun 
2025
Apr-Jun 
2024
Jan-Jun 
2025
Jan-Jun 
2024
Jul 2024 - 
Jun 2025
Jan-Dec 
2024
Net sales 12 20 28 20 51 59
Other operating income 0 59 0 59 -47 12
Total revenue 12 79 28 79 4 71
Other external expenses -11 -9 -19 -15 -44 -42
Personnel expenses -15 -12 -28 -21 -49 -45
Other operating expenses 0 -4 -1 -4 2 -2
Depreciation and amortization of tangible  and intangible assets 0 0 0 -2 0 0
OPERATING PROFIT (EBIT) -15 55 -21 38 -88 -19
Profit from shares in Group companies 7 101 8 101 100 194
Financial income and expense -26 -32 -74 -69 -129 -135
PROFIT AND LOSS AFTER FINANCIAL ITEMS -34 123 -87 70 -117 40
Year-end appropriations 9 0 9 0 137 128
PROFIT AND LOSS BEFORE TAX -25 123 -78 70 20 168
Current taxes -2 0 -2 0 -16 -14
PROFIT AND LOSS AFTER TAX -26 123 -79 70 5 154
In the parent company, there are no items that are reported as other comprehensive income, which is why total comprehensive income corresponds to the year's result.
MSEK
30 Jun 
2025
30 Jun 
2024
31 Dec 
2024
ASSETS
Non-current assets
Intangible assets 3 5 7
Tangible assets 1 3 0
Financial assets 6,943 6,903 6,963
Total non-current assets 6,946 6,911 6,970
Current assets
Accounts receivables 0 0 0
Receivables with group companies 325 204 375
Other short-term receivables 34 63 23
Cash and cash equivalents 6 1 150
Total current assets 365 267 547
TOTAL ASSETS 7,311 7,178 7,517
EQUITY AND LIABILITIES
Equity
Restricted equity 99 98 98
Unrestricted equity 4,764 4,736 4,821
Total shareholders equity 4,863 4,834 4,920
Provisions 58 164 139
Long term liabilities
Interest-bearing liabilities 1,376 1,151 1,393
Liabilities to group companies 0 9 9
Other long-term liabilities 5 0 7
Total long-term liabilities 1,381 1,160 1,409
Short-term liabilities
Interest-bearing liabilities 294 466 358
Accounts payable 5 8 8
Liabilities to group companies 679 505 629
Other liabilities 30 41 55
Total short-term liabilities 1,009 1,020 1,050
TOTAL EQUITY AND LIABILITIES 7,311 7,178 7,517

===== SIDA 12 =====

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report April - June 2025  12 
NOTES
NOTE 1 – ACCOUNTING PRINCIPLES
The consolidated financial statements have been prepared in 
accordance with the Swedish Annual Accounts Act, RFR 1 
Supplementary Accounting Rules for Groups and International 
Financial Reporting Standards (IFRS) and interpretations issued by 
the IFRS Interpretations Committee (IFRS IC) as adopted by the 
EU. The interim report has been prepared in accordance with IAS 
34 Interim Financial Reporting and applicable regulations in the 
Swedish Annual Accounts Act. The interim report for the parent 
company is prepared in accordance with ÅRL chapter 9. 
The financial statements have been prepared according to cost 
method except from certain financial assets and liabilities 
measured at fair value through profit and loss. Information 
according to IAS 34.16A appears in addition to the financial 
reports and associated notes also in other parts of the interim 
report. 
The accounting policies adopted are consistent with those of the 
Annual report for the year ended December 31, 2024. New or 
amended IFRS standards, effective from January 1st, 2025, have no 
impact on the result and financial position of the Group. 
NOTE 2 – SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
The Group makes estimates and assumptions about the future. 
The estimates for accounting purposes that result from these will, 
by definition, rarely correspond to the actual result. The estimates 
and assumptions that entail a significant risk of significant 
adjustments in reported values for assets and liabilities in this 
interim report correspond to those describe in Note 3 in the 
Annual report 2024.  
The management’s main estimates during 2025 relates to 
contingent considerations. The estimate is based on 
management's assessment of the probable amount to be paid 
given the terms of the share transfer agreement. The fair value of 
the contingent considerations is being calculated based on an 
interest rate corresponding to the remaining term until payment 
at each reporting date. The fair value changes are reported 
through the profit and loss via operating income and operating 
expense. The nature of the payments is generally a subject for 
Humble to decide, with a majority to be paid in cash but can also 
be paid with newly issued shares. This has a potential positive 
impact of the Groups cash flow and long-term net debt. The 
nominal value of the long-term portion is MSEK 10. A change in 
the estimate of +/- 10% could result in a profit or loss impact of 
+/- MSEK 1. See Note 10 for more information. 
NOTE 3 – SUBSEQUENT EVENTS
In July, Humble expanded its existing credit facility by MSEK 300 and simultaneously extended the maturity dates of the credit facilities to 2027 
with an option for Humble to extend by a further year. There have been no other significant events with effect on the financial reporting after 
the reporting period date.  
NOTE 4 – PARENT COMPANY
In March 2025, the restrictions on the MSEK 150 term loan were released. No other significant events have occurred in the Parent Company 
during the first six months.  
NOTE 5 - RELATED PARTY TRANSACTION
No transactions with related parties have occurred during 2025 that had a significant impact. The minor transactions that have occurred relate 
to lease agreements regarding previous owners’ properties. Lease agreements between the parties are based on an arm’s length principle and 
on market terms and conditions. 
NOTE 6 - RISKS AND UNCERTAINTIES
Humble works continuously to identify, evaluate, and manage 
risks and exposures that the Group subsidiaries face. The Group's 
financial position and earnings are affected by various risk factors 
that must be considered when assessing the Group and its future 
earnings. A description of significant risks and uncertainties can be 
found in the Annual Report for 2024. At the time of this interim 
report being published the war in Ukraine and the war in Israel 
and Gaza is still ongoing. Humble does not have any exposures 
towards these countries, and as such do not note any direct 
effects from the ongoing wars.  
In 2025, the global economy experiences significant disruptions 
due to the US administration’s aggressive tariff policies, leading to 
a slowdown in international trade and increased market 
uncertainty. Humble currently have limited exposure of export to 
the US and therefore estimate the potential direct effect of higher 
tariffs to be low. Humble continues to monitor the situation and 
potential impact from decisions-makers. Furthermore, the 
increased market price volatility regarding raw material prices is 
monitored closely to enable transition of price increases to 
customers in all material aspects and to a protect stable operating 
margins. 
NOTE 7 – SEGMENT INFORMATION AND DISCLOSURE OF REVENUE
The Group's chief operating decision maker is the chief executive 
officer (CEO), who primarily uses a measure of adjusted earnings 
before interest, tax and amortization (Adjusted EBITA) to assess 
the performance of the operating segments. The CEO does not 
follow up the segments' assets or liabilities for allocation of 
resources or assessment of results.

===== SIDA 13 =====

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report April - June 2025  13 
For further information regarding the segments, please refer to 
page 5-6. See end of report for definition and calculation of key 
ratios and Alternative Performance Measures (APM). The Group 
financials consist of below combined segments.  
 
 
Second quarter, MSEK 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Gross sales 333 278 508 558 406 391 789 701 26 20 2,062 1,949
Intra-group sales -28 -29 -6 -3 -15 -20 -4 -34 -26 -20 -80 -107
Net sales 306 250 502 555 390 371 785 667 0 0 1,983 1,842
Gross profit 145 114 187 211 99 115 198 146 0 0 629 586
Gross margin, % 47.6% 45.7% 37.2% 38.1% 25.5% 31.0% 25.2% 21.8% 31.7% 31.8%
EBITA 38 27 41 69 17 33 24 15 0 -5 120 139
EBIT 27 15 16 44 10 26 18 10 0 -5 71 90
Net financial items -48 -52
PROFIT AND LOSS AFTER 
FINANCIAL ITEMS
23 38
Items affecting comparability** 2 -7 16 10 3 -12 -1 3 3 7 24 1
Adjusted EBITA** 40 20 57 80 20 20 24 18 4 2 144 141
Adjusted EBITA margin** 13.0% 8.1% 11.4% 14.3% 5.2% 5.5% 3.0% 2.8% 7.3% 7.6%
Adjusted EBIT** 30 8 33 54 13 14 17 13 3 2 96 91
Adjusted EBIT margin** 9.7% 3.3% 6.5% 9.8% 3.4% 3.7% 2.2% 1.9% 4.8% 4.9%
*Other refers to Parent company and minor administrative entities, **See section at the end of the report for definitions and reconciliations of alternative performance 
measures.
Future 
Snacking
Sustainable 
Care
Quality 
Nutrition
Nordic 
Distribution Other* Total
Six months, MSEK 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Gross sales 644 541 1,056 1,089 780 792 1,509 1,388 28 20 4,017 3,830
Intra-group sales -57 -55 -11 -12 -28 -32 -6 -43 -28 -20 -131 -162
Net sales 587 486 1,045 1,077 752 759 1,503 1,346 0 0 3,886 3,668
Gross profit 289 218 401 397 224 237 331 300 0 0 1,245 1,152
Gross margin, % 49.2% 44.8% 38.3% 36.9% 29.9% 31.2% 22.0% 22.3% 32.0% 31.4%
EBITA 63 62 105 130 37 61 51 39 -21 -19 235 272
EBIT 44 40 55 80 23 47 42 28 -22 -19 141 176
Net financial items -98 -105
PROFIT AND LOSS AFTER 
FINANCIAL ITEMS
43 70
Items affecting comparability** 9 -21 20 7 9 -8 0 7 4 11 42 -4
Adjusted EBITA** 72 41 125 137 46 53 51 46 -17 -9 277 268
Adjusted EBITA margin** 12.3% 8.4% 12.0% 12.7% 6.1% 7.0% 3.4% 3.4% 7.1% 7.3%
Adjusted EBIT** 54 20 75 87 32 40 41 34 -18 -9 183 172
Adjusted EBIT margin** 9.1% 4.0% 7.2% 8.0% 4.2% 5.2% 2.7% 2.6% 4.7% 4.7%
Future 
Snacking
Sustainable 
Care
Quality 
Nutrition
Nordic 
Distribution Other* Total
*Other refers to Parent company and minor administrative entities, **See section at the end of the report for definitions and reconciliations of alternative performance 
measures.

===== SIDA 14 =====

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report April - June 2025  14 
 
NOTE 8 – FINANCIAL EXPENSES 
 
NOTE 9 – NET INTEREST-BEARING DEBT 
Humble's net interest-bearing debt as of June 30th, 2025, is 
presented in table below.  
The existing credit facility agreement includes terms and 
conditions implying that the Net Interest Bearing Debt in relation 
to LTM Adjusted EBITDA Proforma excluding leasing must not 
exceed 3.0x (3.25x up until second quarter of 2025) and that the 
LTM Adjusted EBITDA in relation to Net Financial Expenses (as 
defined in the credit facility agreement) shall not be less than 
4.00x at the end of this period. These terms and conditions have 
been met since the credit facility agreement was entered in the 
second quarter 2023.  
Humble received tax deferments of MSEK 260 during the second 
quarter 2023. During the third quarter 2024, the Group got a 36-
month instalment plan approved for the tax deferral, starting 
payment in February 2025. The Group repaid MSEK -45 during the 
first six months of 2025. 
Table below illustrates the leverage multiple. LTM Adjusted 
EBITDA Proforma amounted to MSEK 615 (581) excluding leasing. 
Adjusted NIBD including contingent consideration in relation to 
LTM Adjusted EBITDA Proforma amounts to 2.8.x (3.1x) at the end 
of this reporting period. 
Net sales per country, MSEK
Apr-Jun 
2025
Apr-Jun 
2024
Jan-Jun 
2025
Jan-Jun 
2024
Jul 2024 - 
Jun 2025
Jan-Dec 
2024
Sweden 945 876 1,861 1,786 3,740 3,665
United Kingdom 327 357 661 671 1,403 1,413
Other countries* 338 335 665 661 1,437 1,432
Rest of Nordic 201 143 377 275 665 563
Australia 123 98 233 215 510 492
USA 48 34 89 61 171 143
Total net sales 1,983 1,842 3,886 3,668 7,926 7,708
*None of the other countries independently contribute more than five percent of total net sales.
MSEK
Apr-Jun 
2025
Apr-Jun 
2024
Jan-Jun 
2025
Jan-Jun 
2024
Jul 2024 - 
Jun 2025
Jan-Dec 
2024
Interest expense related to financing -30 -43 -63 -73 -133 -143
Unwinding of discounting effect -2 -7 -6 -26 -10 -30
Interest expense on lease liabilities -8 -6 -16 -11 -29 -24
Exchange rate losses and revaluation effects -7 -3 -10 -7 -14 -11
Other interest expenses -4 -1 -8 -6 -22 -20
Total financial expenses -51 -61 -103 -123 -208 -228
MSEK
30 Jun 
2025
30 Jun 
2024
31 Dec 
2024
Liability to credit institutions 1,681 1,624 1,766
Cash and cash equivalents -185 -218 -432
Tax deferral 207 252 252
Short-term investment 0 -21 0
Financial asset -20 -7 -20
Net Interest Bearing Debt 1,682 1,630 1,566
Contingent consideration, net 47 157 129
Net Interest Bearing Debt incl contingent consideration 1,729 1,787 1,695
LTM Adjusted EBITDA Proforma, excluding leasing 615 581 604
Leverage to NIBD 2.7x 2.8x 2.6x
Leverage to NIBD incl contingent consideration 2.8x 3.1x 2.8x

===== SIDA 15 =====

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report April - June 2025  15 
NOTE 10 – FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE 
The methods and assumptions used by the Group when 
calculating the fair value of the financial instruments are described 
in Note 4 of the Annual Report 2024. Further information 
regarding the accounting principles for financial instruments is 
provided in Note 2 of the Annual Report 2024. There have been no 
transfers between fair value hierarchy levels during the reporting 
period. 
LONG-TERM LOANS 
As per end of June, Humble’s credit facility comprised of two term 
loans of MSEK 164 and MSEK 1,150, a revolving credit facility of 
MSEK 225, and an overdraft facility of MSEK 225 (whereof 
available amount at end of period amount to MSEK 94). In July 
2025, Humble expanded its existing credit facility by MSEK 300 
and simultaneously extended the maturity dates of the credit 
facilities to 2027 with an option for Humble to extend by a further 
year. As per end of quarter, the facilities matured in July 2026, 
with the option to request an extension of the facilities with one 
year. The term loans are measured at amortized cost that 
corresponds in all essential to its fair value in the balance sheet.  
CONTINGENT CONSIDERATIONS  
The contingent considerations are recognized at fair value and 
have been discounted with 9.6% discount rate. The duration to 
maturity is presented below. 
 
 
Estimated payments per year Nominal value Fair value
2025 32 32
2026 17 16
2027 6 5
2028 6 5
Total contingent considerations 61 58
Contingent consideration, MSEK
30 Jun 
2025
30 Jun 
2024
31 Dec 
2024
Opening balance             139 501 501
New acquisitions 0 0 0
Payments -91 -323 -323
Fair value changes that are reported through profit and loss via operating income -7 -62 -90
Fair value changes that are reported through profit and loss via operating expense 11 18 25
Interest expenses related to unwinding of discounting effect 6 23 30
Translation differences 0 0 -4
Closing balance 58 157 139

===== SIDA 16 =====

| ALTERNATIVE PERFORMANCE MEASURES, GLOSSARY AND OTHER INFORMATION 
 
Humble Group AB Interim Report April - June 2025  16 
ALTERNATIVE PERFORMANCE MEASURES 
This report includes definitions and key figures that are not clearly 
defined in ÅRL or International Financial Reporting Standards 
(IFRS) but are what the Group management considers to be 
relevant to users of the financial report as a supplement for the 
measures of the business's development. 
These financial measurements are not always comparable with 
the measures used by other companies since not all companies 
calculate such financial measures in the same way. Accordingly, 
these financial measures are not to be regarded as a replacement 
for measures defined according to IFRS. 
Key ratio Definition Reason for usage
Organic growth Change in net sales adjusted for exchange rate 
effect and net sales from acquired and divested 
subsidiaries during the period. 
Measures the Group's sales growth achieved without 
acquisitions and currency effects, in order to provide 
a picture of the actual development of the underlying 
business.
Gross Profit Net sales less raw materials and consumables. Shows how much of the revenue remains after 
deducting the direct costs of raw materials and 
consumables, indicating the Group's ability to 
generate profit from the core operations.
Gross Margin Gross Profit in relation to net sales. Shows the proportion of revenue that represents 
gross profit, indicating the Group's efficiency in 
production and pricing.
EBITDA Earnings before interest, tax, depreciation, 
amortization, and impairment.
Monitors operational performance and facilitates 
comparisons of profitability between different 
subsidaries and segments. 
EBITA Earnings before interest, tax, amortization and 
impairment on intangible assets. 
Together with EBITDA, EBITA provides a picture of the 
profit that is generated by operating  activities. 
Adjusted EBITDA
Adjusted EBITDA margin
Adjusted EBITDA per share
EBITDA adjusted for items affecting comparability. 
Adjusted EBITDA margin is Adjusted EBITDA in 
relation to net sales. 
Adjusted EBITDA per share is Adjusted EBITDA 
divided by average number of shares before 
dilution. 
Items affecting comparability are adjusted to 
facilitate a fair comparison between two comparable 
time periods and to show the underlying trend in 
operational performance excluding non-recurring 
items. 
Adjusted EBITA
Adjusted EBITA margin
Adjusted EBITA per share
EBITA adjusted for items affecting comparability. 
Adjusted EBITA margin is Adjusted EBITA in 
relation to net sales. 
Adjusted EBITA per share is Adjusted EBITA 
divided by average number of shares before 
dilution.
Items affecting comparability are adjusted to 
facilitate a fair comparison between two comparable 
time periods and to show the underlying trend in 
operational performance excluding non-recurring 
items. 
Adjusted EBIT
Adjusted EBIT margin
Adjusted EBIT per share
EBIT adjusted for items affecting comparability. 
Adjusted EBIT margin is Adjusted EBIT in relation 
to net sales. 
Adjusted EBIT per share is Adjusted EBIT divided 
by average number of shares before dilution.
Items affecting comparability are adjusted to 
facilitate a fair comparison between two comparable 
time periods and to show the underlying trend in 
operational performance excluding non-recurring 
items. 
Items affecting 
comparability
Explanation of what the items affecting 
comparability mainly refer to are presented in 
Note 10  in the Annual report 2024.
The Group recognizes items affecting comparability 
to visualise comparable figures that are adjusted for 
the items that occur in historical numbers for various 
reasons.
Adjusted profit and loss 
after tax
Profit and loss after tax adjusted for items 
affecting comparability. 
Items affecting comparability are adjusted to 
facilitate a fair comparison between two comparable 
time periods and to show the underlying trend in 
operational performance excluding non-recurring 
items. 
Net interest-bearing debt 
(NIBD)
Total interest-bearing liabilities less cash and cash 
equivalents, plus tax deferral included, less short-
term investments to be divested, less financial 
asset to associated company. Lease liability is not 
included.
The Group’s primary management parameter for 
financing and capital allocation and are actively 
employed as part of the group’s financial risk 
management strategy. 
Last twelve months 
Adjusted EBITDA proforma
Adjusted EBITDA proforma present the 
accumulated EBITDA before intra group 
eliminations in all entities in the group where an 
agreement of acquisition or divestment have been 
entered at the date of this report, adjusted for 
items affecting comparability. 
Important key figure for the group, as it is included in 
the covenant calculation.

===== SIDA 17 =====

| ALTERNATIVE PERFORMANCE MEASURES, GLOSSARY AND OTHER INFORMATION 
 
Humble Group AB Interim Report April - June 2025  17 
 
MSEK
Apr-Jun 
2025
Apr-Jun 
2024
Jan-Jun 
2025
Jan-Jun 
2024
Jul 2024 - 
Jun 2025
Jan-Dec 
2024
Net sales, base 1,842 1,710 3,668 3,303 7,415 7,050
Net sales, organic income growth 216 124 281 354 581 654
Currency impact -75 13 -63 21 -105 -20
Acquisition and divestment 0 -6 0 -9 34 25
Net sales 1,983 1,842 3,886 3,668 7,926 7,708
Organic growth, % 11.7% 7.3% 7.7% 10.7% 7.8% 9.3%
Net sales 1,983 1,842 3,886 3,668 7,926 7,708
Raw material -1,353 -1,256 -2,642 -2,516 -5,415 -5,289
Gross Profit 629 586 1,245 1,152 2,512 2,419
Gross Profit 629 586 1,245 1,152 2,512 2,419
Net sales 1,983 1,842 3,886 3,668 7,926 7,708
Gross Margin, % 31.7% 31.8% 32.0% 31.4% 31.7% 31.4%
EBIT 71 90 141 176 342 376
Reversal of depreciation and amortization 82 77 163 148 327 312
EBITDA 154 166 304 323 669 688
Items affecting comparability 24 1 42 -4 54 8
Adjusted EBITDA 178 168 346 319 723 696
Net sales, base 1,983 1,842 3,886 3,668 7,926 7,708
Adjusted EBITDA margin, % 9.0% 9.1% 8.9% 8.7% 9.1% 9.0%
EBIT 71 90 141 176 342 376
Reversal of amortization 49 50 94 97 191 194
EBITA 120 139 235 272 533 570
Items affecting comparability 24 1 42 -4 54 8
Adjusted EBITA 144 141 277 268 586 578
Net sales, base 1,983 1,842 3,886 3,668 7,926 7,708
Adjusted EBITA margin, % 7.3% 7.6% 7.1% 7.3% 7.4% 7.5%
EBIT 71 90 141 176 342 376
Items affecting comparability 24 1 42 -4 54 8
Adjusted EBIT 96 91 183 172 395 384
Net sales, base 1,983 1,842 3,886 3,668 7,926 7,708
EBIT margin, % 3.6% 4.9% 3.6% 4.8% 4.3% 4.9%
Adjusted EBIT margin, % 4.8% 4.9% 4.7% 4.7% 5.0% 5.0%
Profit and loss after tax 5 32 17 55 86 124
Items affecting comparability 24 1 42 -4 54 8
Adjusted profit and loss after tax 29 33 59 51 140 132
Average number of shares before dilution 446,696,771 443,740,091 446,636,818 443,643,380 448,106,867 445,113,429
Adjusted EBITDA per share, SEK 0.40 0.38 0.78 0.72 1.61 1.56
Adjusted EBITA per share, SEK 0.32 0.32 0.62 0.61 1.31 1.28
Adjusted EBIT per share, SEK 0.21 0.21 0.41 0.39 0.88 0.86
EBIT per share, SEK 0.16 0.20 0.32 0.40 0.76 0.84
Net sales per share, SEK 4.44 4.15 8.70 8.27 17.69 17.32
Earnings per share before and after dilution, SEK 0.01 0.07 0.04 0.12 0.19 0.28
Adjusted earnings per share before and after 
dilution, SEK
0.07 0.07 0.13 0.11 0.31 0.30
MSEK
Apr-Jun 
2025
Apr-Jun 
2024
Jan-Jun 
2025
Jan-Jun 
2024
Jul 2024 - 
Jun 2025
Jan-Dec 
2024
Acqusition and divestment related cost and income 1 5 1 6 1 6
Revaluation of contingent considerations accounting 7 -19 7 -44 -14 -65
Lock-in penalty from acquisition SPA 3 6 6 14 17 25
Restructuring 8 7 17 15 27 25
Other 6 2 12 6 23 17
Total items affecting comparability 24 1 42 -4 54 8

===== SIDA 18 =====

| ALTERNATIVE PERFORMANCE MEASURES, GLOSSARY AND OTHER INFORMATION 
 
Humble Group AB Interim Report April - June 2025  18 
 
STAFF AND NUMBER OF EMPLOYEES 
The average number of employees in the Group for the period was 1,203 (1,117). The proportion of women in the Group was 46% (43). 
THE SHARE  
The Group’s share with ticker HUMBLE is listed on Nasdaq 
Stockholm main market since 27th of September 2024. The share 
was previously traded on Nasdaq First North Growth Market since 
12th of November 2014.  
There was no dilution effect for the period in this report due to 
the average share price being lower than the exercise price of 
outstanding warrants. 
LARGEST SHAREHOLDERS 
The ten largest shareholders per June 30th, 2025, are listed in the 
table to the left.  
 
 
GLOSSARY
FMCG
Contingent consideration
LTM Short for Last twelve months.
Proforma
FMCG is an industry term and is short for Fast-Moving Consumer Goods
Deferred purchase price payments that are contingent upon future performance of an acquired 
subsidiary. The consideration can be paid in both cash and shares, and are presented to fair value 
based on management’s best estimate of the occurrence of future payments.
Present a measure before intra group eliminations in all entities in the Group where an agreement of 
acquisition or divestment have been entered. The purpose is to visualise how the Group's financial 
position and results would have looked like at the date of this report if the companies acquired during 
the year, or where acquisition agreements have been communicated, had been consolidated with the 
existing part of the Group for twelve months.
Owner Shares Votes
Neudi & C:o AB 46,435,778 10.33%
Håkan Roos (RoosGruppen AB) 46,134,786 10.27%
Capital Group 30,000,000 6.68%
Noel Abdayem (NCPA Capital AB) 28,103,255 6.25%
Avanza Pension 25,389,837 5.65%
Alta Fox Capital 24,678,353 5.49%
Briarwood Chase Management LLC 24,382,786 5.43%
Jofam AB 15,000,000 3.34%
Nordnet Pensionsförsäkring 14,172,789 3.15%
DNB Asset Management SA 12,876,865 2.87%
Total top 10 267,174,449 59.46%
Other shareholders 182,189,557 40.54%
Total number of shares 449,364,006 100%
Apr-Jun 
2025
Apr-Jun 
2024
Jan-Jun 
2025
Jan-Jun 
2024
Jan-Dec 
2024
Number of shareholders end of period 17,426 18,523 17,426 18,523 18,121
Number of shares outstanding end of period 449,364,006 446,575,533 449,364,006 446,575,533 446,575,533
Average number of shares before and after dilution 446,696,771 443,740,091 446,636,818 443,643,380 445,113,429

===== SIDA 19 =====

| BOARD OF DIRECTORS’ APPROVAL 
 
Humble Group AB Interim Report April - June 2025  19 
BOARD OF DIRECTORS’ APPROVAL 
The Board of Directors and the CEO assure that the interim report gives a true and fair view of the Group's and the Parent Company's 
operations, position and results and describes significant risks and uncertainties that the Parent Company and the companies included in the 
Group face. 
 
 
Stockholm July 18th, 2025 
 
 
  Dajana Mirborn    Ola Cronholm  
  Chairman of the Board  Board member 
 
 
 
  Henrik Patek   Pål Bruu 
  Board member   Board member 
 
 
 
  Sara Berger   Noel Abdayem 
  Board member   Board member 
 
 
  Simon Petrén 
  Chief Executive Officer 
 
 
 
 
 
This report has not been subject to review by the company´s auditor. 
 
This information is such that Humble Group AB is obliged to publish in accordance with the EU regulation on market abuse. 
The information was submitted for publication on July 18th, 2025, at the time specified by Humble Group's news distributor Cision at the time 
of publication of this press release.

===== SIDA 20 =====

ABOUT HUMBLE GROUP 
Humble is a global FMCG group of fast-growing, entrepreneurial 
companies specializing in innovative, healthier and more 
sustainable consumer products.  
Humble’s medium-term financial targets are:  
• Growth target – Average net sales growth of at least 15 
percent per year, primarily driven by organic growth. 
• Profitability target – EBIT margin of at least 10 percent. 
• Capital structure – Net debt in relation to EBITDA must not 
exceed 2.5x. However, the company may, under special 
circumstances, choose to exceed this level for shorter periods 
in connection with acquisitions. 
• Humble’s dividend policy is that the surplus must be 
distributed to shareholders when free cash flow exceeds 
available investments in profitable growth. Dividends to 
shareholders require that the capital structure target is met. 
Read more about the Group and its composition on the website.
FINANCIAL CALENDAR 
October 24, 2025 - Interim report third quarter 2025 
February 13, 2026 - Interim report fourth quarter 2025 
For financial reports and calendar, see more information on the 
Group website. 
CONTACT DETAILS  
Simon Petrén  
Chief Executive Officer  
Email: simon.petren@humblegroup.se 
Johan Lennartsson  
Chief Financial Officer 
Email: johan.lennartsson@humblegroup.se 
AUDITORS 
BDO 
Auditor in Charge: Carl-Johan Kjellman,  
Authorised Public Accountant  
Email: carl-johan.kjellman@bdo.se 
HUMBLE GROUP AB  
Reg. no. 556794-4797 
Ingmar Bergmans gata 2 
114 34 Stockholm 
www.humblegroup.se